I want to give another lesson learned from my time last week at Brian Buffini's Turning Point.
Brian was giving the example of walking into a store, and say they had a sale on; Would the sales people be walking around with their heads down saying, "Oh no, there is a sale on!...I just don't like it when there is a sale!"? No, they would be pumped up and be saying, "How can I help you?" or "Good to see you. Thanks for stopping by...It is a great day, and there is an awesome sale on. Let me show you around to see all the deals!"
Now, I must admit this negative tone can spread among realtors in York Region, Ontario, Canada (good, eh?) and abroad, as well as the whole population. This negatism tries to catch me off guard, and then I have to slap my self back to reality and say, wait a minute, here, there are always people doing well when the stock market is up, or down...the same can be said in regards to real estate. I emphasize to know your stats well (ie. average days on market, amount of inventory presently on the market, list to sold ratios, average price). Establish yourself as the expert.
This is a buyer's market...there is a sale on, and buyers can take advantage at this time. Also, mortgage rates are very competitive, presently a five(5) year at 5.4%. I do love it when people try to say..."Well, I am going to wait until the market drops further". I say to them, when they look at having to sell a home, and unless they are moving 1,000's of miles away to a little house on the prairie!, it does not make sense!-it is ALL relative. The home that they will need to sell, will also be less in value, and even if they are just buying, if the market drops any further, probably interest rates will be increased...and they wouldn't like that.
Meanwhile, landlord's benefit as first-time buyers or buyers getting back into the market, WAIT. We will not be able to convince everyone, but this is my suggestion for today's APPLICATION. Sort through your list of prospective buyers and sellers (even if they have told you that they are six(6) month's to a year away in buying,and or selling, and prepare a post card (i use Top Producer) or even a letter with the banner at the top saying that, "It is a GREAT TIME to Buy! Call me NOW! " Also include helpful stats (**see below) if you are sending a letter or in the card say, "Recent Market Watch Report (*give your source and date) suggests good time to buy. Even take the liberty of using a highliter and going over the vital statistics. At the bottom of your card or letter, say Call Me Now for your FREE Buyer's Guide or FREE Sellers Guide.
**Source: Market Watch Report, TORONTO - Wednesday, November 5, 2008 TREB Members reported 5,155 sales in October, down 35 per cent from the 7,915 sales reported in October of 2007, and also down 25 per cent from the 6,876 sales reported during October2006. Within the City of Toronto, 2,136 sales were recorded. This was down 38 percent from the 3,455 sales recorded in October of last year. In the 905 suburbs, however, the 3,019 sales recorded were down 32 per cent from October 2007's figure of 4,460.
GTA-wide, prices declined 10 per cent to $352,974 from last October's average of $394,646. As with sales, price declines differed according to region.The City of Toronto average was $376,896, down 13 per cent from the $434,022 recorded during the same month in 2007, and down about three per cent from the$386,807 recorded in October 2006. Meanwhile, the average for the City's 905 suburbs was $336,049.This is down eight per cent from the $364,142 recorded last October, and up one per cent from the $333,166 recorded in October 2006.
As Brian encourages us, let's go out now and let everyone know that "There is a sale on, and it is a great time to buy!!"
Make it a great day,and, Oh,by the way, if you know of anyone thinking of buying or selling in York Region, Ontario, Canada (located just north of Toronto), I am never too busy for your referral. You can call me at 1-888-362-3677 (Direct) or email me at john@fullhouseteam.ca. My website is www.yorkregion4sale.com.
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